NESGX vs. ODIIX

Last updated Jun 5, 2026

NESGX (Needham Small Cap Growth Fund) and ODIIX (Invesco Discovery Fund Class R6) are both Small Cap Growth Equities funds. Over the past 10 years, NESGX returned 20.06%/yr vs 17.09%/yr for ODIIX. A 0.80 correlation means they provide meaningful diversification when combined. NESGX charges 1.85%/yr vs 0.65%/yr for ODIIX.

Performance

NESGX vs. ODIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Needham Small Cap Growth Fund (NESGX) and Invesco Discovery Fund Class R6 (ODIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NESGX achieves a 80.30% return, which is significantly higher than ODIIX's 32.26% return. Over the past 10 years, NESGX has outperformed ODIIX with an annualized return of 20.06%, while ODIIX has yielded a comparatively lower 17.09% annualized return.

NESGX

• 1D: -0.81%
• 1M: 19.56%
• YTD: 80.30%
• 6M: 75.15%
• 1Y: 121.15%
• 3Y*: 32.75%
• 5Y*: 9.82%
• 10Y*: 20.06%

ODIIX

• 1D: 0.83%
• 1M: 4.49%
• YTD: 32.26%
• 6M: 30.90%
• 1Y: 57.65%
• 3Y*: 27.67%
• 5Y*: 11.19%
• 10Y*: 17.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NESGX vs. ODIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NESGX Needham Small Cap Growth Fund	80.30%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	11.96%
ODIIX Invesco Discovery Fund Class R6	32.26%	17.14%	23.04%	17.46%	-31.00%	15.37%	50.87%	37.36%	-3.68%	29.58%

Correlation

The correlation between NESGX and ODIIX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 30, 2012	0.80

The correlation between NESGX and ODIIX has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

Return for Risk

NESGX vs. ODIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NESGX

NESGX Risk / Return Rank: 94
NESGX Sharpe Ratio Rank: 98
NESGX Sortino Ratio Rank: 90
NESGX Omega Ratio Rank: 85
NESGX Calmar Ratio Rank: 97
NESGX Martin Ratio Rank: 98

ODIIX

ODIIX Risk / Return Rank: 81
ODIIX Sharpe Ratio Rank: 80
ODIIX Sortino Ratio Rank: 69
ODIIX Omega Ratio Rank: 63
ODIIX Calmar Ratio Rank: 95
ODIIX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NESGX vs. ODIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Needham Small Cap Growth Fund (NESGX) and Invesco Discovery Fund Class R6 (ODIIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NESGX	ODIIX	Difference
Sharpe ratio: Return per unit of total volatility	4.08	2.63	+1.45
Sortino ratio: Return per unit of downside risk	4.47	3.45	+1.02
Omega ratio: Gain probability vs. loss probability	1.58	1.44	+0.14
Calmar ratio: Return relative to maximum drawdown	7.16	5.83	+1.33
Martin ratio: Return relative to average drawdown	29.70	23.13	+6.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NESGX vs. ODIIX - Sharpe Ratio Comparison

The current NESGX Sharpe Ratio is 4.08, which is higher than the ODIIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of NESGX and ODIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NESGX	ODIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.08	2.63	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.45	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.70	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.68	-0.06

Drawdowns

NESGX vs. ODIIX - Drawdown Comparison

The maximum NESGX drawdown since its inception was -50.29%, which is greater than ODIIX's maximum drawdown of -43.06%. Use the drawdown chart below to compare losses from any high point for NESGX and ODIIX.

Drawdown Indicators

	NESGX	ODIIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.29%	-43.06%	-7.23%
Max Drawdown (1Y) Largest decline over 1 year	-17.16%	-11.36%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-35.27%	-28.52%	-6.75%
Max Drawdown (5Y) Largest decline over 5 years	-50.05%	-43.06%	-6.99%
Max Drawdown (10Y) Largest decline over 10 years	-50.29%	-43.06%	-7.23%
Current Drawdown Current decline from peak	-0.81%	0.00%	-0.81%
Average Drawdown Average peak-to-trough decline	-11.66%	-10.16%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.74%	+1.39%

Volatility

NESGX vs. ODIIX - Volatility Comparison

Needham Small Cap Growth Fund (NESGX) has a higher volatility of 8.83% compared to Invesco Discovery Fund Class R6 (ODIIX) at 7.86%. This indicates that NESGX's price experiences larger fluctuations and is considered to be riskier than ODIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NESGX	ODIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	7.86%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	21.09%	21.38%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	30.26%	25.23%	+5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.27%	25.53%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.83%	24.92%	+0.91%

NESGX vs. ODIIX - Expense Ratio Comparison

NESGX has a 1.85% expense ratio, which is higher than ODIIX's 0.65% expense ratio.

Dividends

NESGX vs. ODIIX - Dividend Comparison

NESGX has not paid dividends to shareholders, while ODIIX's dividend yield for the trailing twelve months is around 7.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NESGX Needham Small Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	4.16%	25.09%	13.69%	8.43%	22.26%	8.94%	6.67%	2.52%
ODIIX Invesco Discovery Fund Class R6	7.52%	9.94%	5.27%	0.00%	0.00%	16.15%	9.22%	5.40%	16.05%	10.90%	3.86%	6.15%

Frequently Asked Questions

Can I hold both NESGX and ODIIX in my portfolio?

NESGX and ODIIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NESGX or ODIIX?

NESGX has higher volatility (8.83%) compared to ODIIX (7.86%). In terms of maximum drawdown, NESGX dropped -50.29% vs ODIIX's -43.06%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (4.08 vs 2.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.